Singapore companies are returning capital to shareholders at an accelerating pace. In 9M26, 80 primary-listed firms spent S$2.38 billion on buybacks, already exceeding the entire 2025 record.

But the deeper signal is concentration: Singtel, Keppel and UOB contributed 72% of the total. This suggests large companies increasingly view buybacks as an efficient way to enhance EPS and deploy excess capital.

Seatrium is particularly interesting: after fully using a S$100 million programme, it launched another S$200 million programme alongside stronger earnings and a S$13.3 billion order book.

The key question isn't simply “Who is buying back?” — it's whether management is buying undervalued shares or merely supporting the stock. That distinction matters.

@SGX_Stars [胜利]